s of the end of March 2026, six major domestic listed new tea beverage companies—Mixue , Guming, Cha Panda, Auntea Jenny, Nayuki, and Chagee—have all released their annual financial reports for 2025. In terms of overall performance, the industry landscape shows significant divergence: Mixue, Guming, Chabaidao, and Auntea Jenny achieved steady and robust growth, while Chagee saw a sharp decline in net profit and Nayuki continued to suffer losses. The new tea beverage industry has officially entered an era of stock competition, shifting from scale expansion to a focus on profit quality.
In the new-style tea track in 2025, the Matthew effect of "the strong get stronger" continued to intensify. Leveraging its scale advantage and supply chain edge, Mixue achieved double-digit growth in both revenue and profit. On March 24, Mixue Group released its financial report, showing that for the year ended December 31, 2025, the company achieved total revenue of RMB 33.56 billion, a year-on-year increase of 35.2%; profit for the year was approximately RMB 5.927 billion, up 33.1% year-on-year; basic earnings per share were RMB 15,700, a year-on-year increase of 27%. Whether in terms of revenue scale or profitability, Mixue firmly ranks first in the industry, with its net profit alone exceeding the sum of the net profits of the other five listed new-style tea companies.
Guming emerged as a standout growth performer among the top brands in 2025. According to its financial report released on March 25, Guming achieved revenue of approximately RMB 12.914 billion in 2025, a year-on-year increase of 46.9%; adjusted profit was approximately RMB 2.575 billion, up 66.9% year-on-year, with net profit growth outpacing revenue growth, achieving a leapfrog improvement in profit quality. As of the end of 2025, Guming's total number of stores nationwide reached 13,554, a net increase of 3,640 stores compared with the end of the previous year, covering more than 200 cities.
Chabaidao and Auntea Jenny also achieved a significant leap in profitability through refined operations. On March 27, Chabaidao released its 2025 annual results announcement, reporting full-year revenue of RMB 5.395 billion, a year-on-year increase of 9.7%; net profit was RMB 821 million, up 71.2% year-on-year. As of the end of the period, its number of domestic stores increased to 8,621, with the share of stores in third-tier and lower-tier cities rising to 46.1%, further consolidating its advantage in the lower-tier market.
On March 24, Auntea Jenny disclosed its 2025 annual results, achieving full-year revenue of RMB 4.466 billion, a year-on-year increase of 36%; net profit was RMB 501 million, up 52.4% year-on-year. As of December 31, 2025, the total number of Auntea Jenny stores reached 11,449, officially entering the ranks of ten-thousand-store brands and solidifying its market position in the segmented tea beverage track.
On the evening of March 31, Chagee released its complete results for the fourth quarter and full year of 2025. The data shows that as of December 31, 2025, its number of global stores reached 7,453; total GMV for the year was RMB 31.58 billion, a year-on-year increase of 7.2%; net revenue was RMB 12.91 billion, up only 4% year-on-year, indicating a significant slowdown in growth momentum compared with previous periods; net profit attributable to parent company shareholders was RMB 1.171 billion, a sharp decline of 53.45% year-on-year. In the fourth quarter of 2025 alone, the company recorded an operating loss of RMB 35.5 million, turning from a profit of RMB 640 million in the same period of the previous year to a loss.
On the evening of March 26, Nayuki disclosed its full-year results for 2025. During the reporting period, the company achieved revenue of RMB 4.331 billion, a year-on-year decrease of 12%; it recorded a net loss of RMB 241 million for the year. Although the loss narrowed by approximately 74% compared with 2024, the company still remained in the red.
